According to Fortune Business Insights™, the global lactic acid market size was USD 1.18 billion in 2020. The market is projected to grow from USD 1.28 billion in 2021 to USD 2.43 billion in 2028 at a CAGR of 9.6% during the 2021-2028 period.
Source: https://www.fortunebusinessinsights.com/lactic-acid-market-102119
The lactic acid market has been experiencing significant growth in recent years due to its wide range of applications in various industries. Lactic acid is a organic compound that is produced through the fermentation of carbohydrates by lactic acid bacteria. It is available in two forms: L-lactic acid and D-lactic acid.
Here are some key points about the lactic acid market:
Applications: Lactic acid finds applications in several industries, including food and beverages, pharmaceuticals, personal care products, and biodegradable polymers. In the food and beverages industry, it is used as a flavoring agent, preservative, and pH regulator. It is also used in the production of biodegradable packaging materials and disposable tableware.
Growing Demand in Personal Care Products: Lactic acid has gained popularity in the personal care industry due to its exfoliating and moisturizing properties. It is used in skincare products, such as creams, lotions, and masks, to improve skin texture and reduce signs of aging. The increasing demand for natural and organic personal care products has further contributed to the growth of the lactic acid market.
Biodegradable Polymers: Lactic acid is a key raw material for the production of polylactic acid (PLA), a biodegradable polymer. PLA is used in various applications, including packaging materials, disposable cutlery, textiles, and 3D printing. The rising awareness about environmental sustainability and the demand for eco-friendly alternatives to conventional plastics have driven the demand for PLA and, in turn, lactic acid.
Regional Market: The lactic acid market is spread across different regions, with Asia Pacific, Europe, and North America being the major contributors. Asia Pacific is expected to witness significant growth in the lactic acid market due to the expanding food and beverages industry, increasing consumer awareness about personal care products, and government initiatives to promote bioplastics.
Market Players: Several companies are involved in the production and supply of lactic acid. Some of the prominent players in the lactic acid market include Corbion, Cargill Incorporated, Galactic S.A., Henan Jindan Lactic Acid Technology Co. Ltd., and Musashino Chemical Laboratory.
It's important to note that market trends and dynamics can change over time, so it's advisable to refer to the latest market reports and research for the most up-to-date information on the lactic acid market.